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The Good, The Bad & The Ugly – Week of 1/24/13

The big news this week was the announcement that Mary Jo White will be Obama’s nominee to become Chairman of the SEC. We’re forming our thoughts on this and will be back with those soon. In the meantime, there were plenty of other developments to discuss.

IMF Chief Christine Lagarde talks about income inequality and the necessity of cutting bankers pay at Davos. Ben Chu at the Independant

January 24, 2013

The Bad

Dodd-Frank reminder: The GAO reports that fewer than 50% of the new rules called for by Dodd-Frank had been finished by regulators by the end of 2012. Reuters

January 23, 2013

John Vickers, chairman of Britain’s Independent Commission on Banking, says U.K. banks shouldn’t be restricted from proprietary trading in a way similar to the U.S.’s so- called Volcker rule because it would be too complicated to police. Howard Mustoe at Bloomberg

January 16, 2013

The Ugly

Yves Smith contributes some invaluable original research on the extensive borrower harm and orchestrated cover-up in the Bank of America foreclosure settlement. Part One and Two from Yves Smith at Naked Capitalism